Cheniere Partners Reports Third Quarter 2025 Results and Reconfirms Full Year 2025 Distribution Guidance

HOUSTON--( BUSINESS WIRE)--Cheniere Energy Partners, L.P. (“Cheniere Partners”) (NYSE: CQP) today announced its financial results for third quarter 2025.

HIGHLIGHTS

2025 FULL YEAR DISTRIBUTION GUIDANCE

2025

Distribution per Unit

$ 3.25

$ 3.35

SUMMARY AND REVIEW OF FINANCIAL RESULTS

(in millions, except LNG data)

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

% Change

2025

2024

% Change

Revenues

2,404

2,055

7,848

6,244

Net income

506

635

(20

1,700

1,887

(10

Adjusted EBITDA 1

885

852

2,649

2,684

LNG exported:

Number of cargoes

104

—

314

321

Volumes (TBtu)

374

377

1,132

1,168

LNG volumes loaded (TBtu)

374

377

1,130

1,166

Net Income decreased approximately $129 million and $187 million during the three and nine months ended September 30, 2025, respectively, as compared to the corresponding 2024 periods. The decreases were primarily attributable to approximately $162 million and $190 million of unfavorable variances related to changes in fair value of our derivative instruments, including the impact of derivative instruments related to our long-term Integrated Production Marketing agreements, for the three and nine months ended September 30, 2025, respectively.

Adjusted EBITDA 1 increased by approximately $33 million and decreased by approximately $35 million during the three and nine months ended September 30, 2025, respectively. The increase for the three months ended September 30, 2025 was primarily driven by lower operating and maintenance expenses and higher total margins per MMBtu of LNG delivered, partially offset by lower volumes delivered as compared to the prior period. The decrease for the nine months ended September 30, 2025 was primarily driven by lower volumes of LNG delivered, as well as by higher operating and maintenance expenses, as compared to the prior period.

During the three and nine months ended September 30, 2025, we recognized in income 374 and 1,130 TBtu, respectively, of LNG loaded from the SPL Project (defined below).

Capital Resources

The table below provides a summary of our available liquidity (in millions) as of September 30, 2025:

September 30, 2025

Cash and cash equivalents

121

Restricted cash and cash equivalents

Available commitments under our credit facilities:

Sabine Pass Liquefaction, LLC (“SPL”) Revolving Credit Facility

815

Cheniere Partners Revolving Credit Facility

1,000

Total available commitments under our credit facilities

1,815

Total available liquidity

1,979

Recent Key Financial Transactions and Updates

In September 2025, SPL repaid approximately $52 million aggregate principal amount outstanding of its 4.746% Senior Secured Notes due 2037 (“the 2037 SPL Senior Notes”) based on the fixed amortization schedules.

In July 2025, we issued $1.0 billion of aggregate principal amount of 5.550% Senior Notes due 2035, and the net proceeds, together with cash on hand, were used to redeem $1.0 billion of the aggregate principal amount of SPL’s 5.875% Senior Secured Notes due 2026.

During the nine months ended September 30, 2025, SPL repaid the remaining $300 million in principal amount of its 5.625% Senior Secured Notes due 2025 with cash on hand.

SABINE PASS OVERVIEW

We own natural gas liquefaction facilities with total production capacity of over 30 mtpa of LNG at the Sabine Pass LNG terminal in Cameron Parish, Louisiana (the “SPL Project”).

As of October 24, 2025, over 3,120 cumulative LNG cargoes totaling approximately 215 million tonnes of LNG have been produced, loaded, and exported from the SPL Project.

SPL Expansion Project

We are developing an expansion adjacent to the SPL Project with an expected total peak production capacity of up to approximately 20 mtpa of LNG (the “SPL Expansion Project”), inclusive of estimated debottlenecking opportunities and supporting infrastructure. We expect to execute the SPL Expansion Project in a phased approach, and a positive Final Investment Decision (“FID”) is subject to, among other things, receipt of necessary regulatory approvals and acceptable commercial and financing arrangements.

DISTRIBUTIONS TO UNITHOLDERS

In October 2025, we declared a cash distribution of $0.830 per common unit to unitholders of record as of November 7, 2025, comprised of a base amount equal to $0.775 ($3.10 annualized) and a variable amount equal to $0.055, which takes into consideration, among other things, amounts reserved for annual debt repayment and capital allocation goals, anticipated capital expenditures to be funded with cash, and cash reserves to provide for the proper conduct of the business. The common unit distribution and the related general partner distribution will be paid on November 14, 2025.

INVESTOR CONFERENCE CALL AND WEBCAST

Cheniere Energy, Inc. (NYSE: LNG) will host a conference call to discuss its financial and operating results for the third quarter 2025 on Thursday, October 30, 2025, at 11 a.m. Eastern time / 10 a.m. Central time. A listen-only webcast of the call and an accompanying slide presentation may be accessed through our website at www.cheniere.com. Following the call, an archived recording will be made available on our website. The call and accompanying slide presentation will include financial and operating results or other information regarding Cheniere Partners.

1 Non-GAAP financial measure. See “Reconciliation of Non-GAAP Measures” for further details.

About Cheniere Partners

Cheniere Partners owns the Sabine Pass LNG terminal located in Cameron Parish, Louisiana, which has natural gas liquefaction facilities with a total production capacity of over 30 mtpa of LNG. The Sabine Pass LNG terminal also has operational regasification facilities that include five LNG storage tanks, vaporizers, and three marine berths. Cheniere Partners also owns the Creole Trail Pipeline, which interconnects the Sabine Pass LNG terminal with a number of large interstate and intrastate pipelines.

For additional information, please refer to the Cheniere Partners website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, filed with the Securities and Exchange Commission.

Use of Non-GAAP Financial Measures

In addition to disclosing financial results in accordance with U.S. GAAP, the accompanying news release contains a non-GAAP financial measure. Adjusted EBITDA is a non-GAAP financial measure that is used to facilitate comparisons of operating performance across periods. This non-GAAP measure should be viewed as a supplement to and not a substitute for our U.S. GAAP measures of performance and the financial results calculated in accordance with U.S. GAAP, and the reconciliation from these results should be carefully evaluated.

Forward-Looking Statements

This press release contains certain statements that may include “forward-looking statements.” All statements, other than statements of historical or present facts or conditions, included herein are “forward-looking statements.” Included among “forward-looking statements” are, among other things, (i) statements regarding Cheniere Partners’ financial and operational guidance, business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding Cheniere Partners’ anticipated quarterly distributions and ability to make quarterly distributions at the base amount or any amount, (iii) statements regarding regulatory authorization and approval expectations, (iv) statements expressing beliefs and expectations regarding the development of Cheniere Partners’ LNG terminal and liquefaction business, (v) statements regarding the business operations and prospects of third-parties, (vi) statements regarding potential financing arrangements, (vii) statements regarding future discussions and entry into contracts, and (viii) statements relating to our goals, commitments and strategies in relation to environmental matters. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners’ actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners’ periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.

(Financial Tables Follow)

Cheniere Energy Partners, L.P.

Consolidated Statements of Operations

(in millions, except per unit data) (1)

(unaudited)

Three Months Ended

Nine Months Ended

September 30,

2025

2024

2025

2024

Revenues

LNG revenues

1,837

1,479

5,961

4,653

LNG revenues—affiliate

518

526

1,738

1,441

Regasification revenues

102

Other revenues

Total revenues

2,404

2,055

7,848

6,244

Operating costs and expenses

Cost of sales (excluding operating and maintenance expense and depreciation and amortization expense shown separately below)

1,278

773

4,177

2,398

Cost of sales—affiliate

—

Operating and maintenance expense

191

200

683

610

Operating and maintenance expense—affiliate

126

123

Operating and maintenance expense—related party

—

General and administrative expense

General and administrative expense—affiliate

Depreciation and amortization expense

173

171

515

509

Other operating costs and expenses

—

Other operating costs and expenses—affiliate

—

Total operating costs and expenses

1,708

1,228

5,611

3,776

Income from operations

696

827

2,237

2,468

Other income (expense)

Interest expense, net of capitalized interest

(189

)

(199

)

(567

)

(603

)

Loss on modification or extinguishment of debt

)

—

)

Interest and dividend income

Other income—affiliate

—

Total other expense

(190

)

(192

)

(537

)

(581

)

Net income

506

635

1,700

1,887

Basic and diluted net income per common unit (1)

0.80

1.08

2.79

3.21

Weighted average basic and diluted number of common units outstanding

484.0

(1)

Please refer to the Cheniere Energy Partners, L.P. Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, filed with the Securities and Exchange Commission.

Cheniere Energy Partners, L.P.

Consolidated Balance Sheets

(in millions, except unit data) (1)

(unaudited)

September 30,

December 31,

2025

2024

ASSETS

Current assets

Cash and cash equivalents

121

270

Restricted cash and cash equivalents

109

Trade and other receivables, net of current expected credit losses

359

380

Trade and other receivables—affiliate

210

164

Trade receivables, net of current expected credit losses—related party

—

Advances to affiliates

150

101

Inventory

147

151

Current derivative assets

Prepaid expenses

Other current assets, net

Total current assets

1,119

1,325

Property, plant and equipment, net of accumulated depreciation

15,399

15,760

Operating lease assets

Derivative assets

Other non-current assets, net

225

191

Total assets

16,834

17,453

LIABILITIES AND PARTNERS’ DEFICIT

Current liabilities

Accounts payable

Accrued liabilities

691

838

Accrued liabilities—related party

—

Current debt, net of unamortized discount and debt issuance costs

605

351

Due to affiliates

Deferred revenue

148

120

Deferred revenue—affiliate

Current derivative liabilities

139

250

Other current liabilities

Total current liabilities

1,697

1,712

Long-term debt, net of unamortized discount and debt issuance costs

14,156

14,761

Derivative liabilities

1,069

1,213

Other non-current liabilities

237

252

Other non-current liabilities—affiliate

Total liabilities

17,182

17,962

Partners’ deficit

Common unitholders’ interest (484.0 million units issued and outstanding at both September 30, 2025 and December 31, 2024)

2,296

1,821

General partner’s interest (2% interest with 9.9 million units issued and outstanding at both September 30, 2025 and December 31, 2024)

(2,644

)

(2,330

)

Total partners’ deficit

(348

)

(509

)

Total liabilities and partners’ deficit

16,834

17,453

(1)

Please refer to the Cheniere Energy Partners, L.P. Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, filed with the Securities and Exchange Commission.

Reconciliation of Non-GAAP Measures

Regulation G Reconciliations

Adjusted EBITDA

The following table reconciles our Adjusted EBITDA to U.S. GAAP results for the three and nine months ended September 30, 2025 and 2024 (in millions):

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Net income

506

635

1,700

1,887

Interest expense, net of capitalized interest

189

199

567

603

Loss on modification or extinguishment of debt

—

Interest and dividend income

)

(14

)

(25

)

Other income—affiliate

)

—

(23

)

—

Income from operations

696

827

2,237

2,468

Adjustments to reconcile income from operations to Adjusted EBITDA:

Depreciation and amortization expense

173

171

515

509

Loss (gain) from changes in fair value of commodity derivatives, net (1)

(146

)

(103

)

(293

)

Adjusted EBITDA

885

852

2,649

2,684

Change in fair value of commodity derivatives prior to contractual delivery or termination

Adjusted EBITDA is commonly used as a supplemental financial measure by our management and external users of our Consolidated Financial Statements to assess the financial performance of our assets without regard to financing methods, capital structures, or historical cost basis. Adjusted EBITDA is not intended to represent cash flows from operations or net income as defined by U.S. GAAP and is not necessarily comparable to similarly titled measures reported by other companies.

We believe Adjusted EBITDA provides relevant and useful information to management, investors and other users of our financial information in evaluating the effectiveness of our operating performance in a manner that is consistent with management’s evaluation of financial and operating performance.

Adjusted EBITDA is calculated by taking net income before interest expense, net of capitalized interest, depreciation and amortization, and adjusting for the effects of certain non-cash items, other non-operating income or expense items and other items not otherwise predictive or indicative of ongoing operating performance, including the effects of modification or extinguishment of debt, impairment expense, gain or loss on disposal of assets, and changes in the fair value of our commodity derivatives prior to contractual delivery or termination. The change in fair value of commodity derivatives is considered in determining Adjusted EBITDA given that the timing of recognizing gains and losses on these derivative contracts differs from the recognition of the related item economically hedged. We believe the exclusion of these items enables investors and other users of our financial information to assess our sequential and year-over-year performance and operating trends on a more comparable basis and is consistent with management’s own evaluation of performance.